Multiple Choice
Companies A,B and C are all part of the one economic entity,but are all separate legal entities required to prepare their own financial statements.Company A sold Company B's inventory that cost $56,000 for $78,000.At the end of the same period Company B has three-quarters of that inventory still on hand and the rest has been sold to an entity outside the economic group.At what amount should the inventory remaining in Company B be recorded in Company B's own financial statements?
A) $42,000
B) $58 500
C) $56,000
D) $14 625
E) None of the given answers.
Correct Answer:
Verified
Correct Answer:
Verified
Q28: What is the amount of unrealised profit
Q29: Which of the following statements describes the
Q30: AASB 127 "Consolidated and Separate Financial Statements"
Q31: French Ltd purchased 100 per cent of
Q32: Companies A,B and C are all part
Q34: French Ltd owns 100 per cent of
Q36: Zeus Ltd owns 100 per cent of
Q37: Alice Ltd sold inventory items to its
Q38: Meat Ltd purchased 100 per cent of
Q58: Intragroup sales of non-current assets results in